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Friday 6 November 2026 Export SO’s income statement to Excel — free account

Southern Company (The)

SO Utilities Utilities Regulated Electric

Southern Company (The)’s revenue for fiscal 2025 (year ended December 2025) was $29.6 billion, up 10.6% from fiscal 2024.

Revenue
+13.0%
EPS
+14.2%
Free cash flow
+362.1%
Total debt
+1.32%

Quarter to September 2026, against a year earlier

93.28 0.16 +0.17%
Market cap
$107.4B
P/E
21.2×
Fwd P/E
21.3×
Dividend yield
3.22%
F-score
4/9
Altman Z
0.93
Beneish M
−2.63
Dividend safety
32/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2019

  • Electric Utilities
  • SOUTHERN Co GAS
  • All Other

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 5.64
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 3 — 1 1 1 2 3 1 1
Insider Ownership 0.61%

Capital & Financial Ratios $m

Size
Market Cap 107,370.00
Revenue ttm 31,199.00
Net income ttm 4,575.00
Free cash flow ttm 10,477.00
Net debt Q 71,371.00
Valuation
P/E 21.25
Forward P/E 21.30
Price / sales 3.46
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.41
Financial health
Current ratio Q 0.84 (below 1: weak)
Debt / equity Q 1.63
Interest coverage Q 3.56
Growth
Revenue growth Q +13.04% (above 0%: growing)
Operating income growth Q +15.65% (above 0%: growing)
EPS, this year +7.11%
EPS, next year A +6.87%
Revenue, next year A +4.49%
EPS, past 5 yrs +5.96%
EPS, next 5 yrs A +7.70%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.7×, against a ten-year median of 5.0×; over the ten years it ranged from 3.6× in 2018 to 6.1× in 2024.
P/E against its own 10 years 55.26%
10-year low 10-year high
P/S against its own 10 years 85.00%
10-year low 10-year high
P/B against its own 10 years 76.71%
10-year low 10-year high
EV/Sales against its own 10 years 81.99%
10-year low 10-year high

Dividends raised every year since 2018

Yield
3.22%
Annual rate
3.00
Payout ratio
68.3%
Growth, 2018–26
+3.02%/yr
  1. 2.38 ’18
  2. 2.46 ’19 +3
  3. 2.54 ’20 +3
  4. 2.62 ’21 +3
  5. 2.70 ’22 +3
  6. 2.78 ’23 +3
  7. 2.86 ’24 +3
  8. 2.94 ’25 +3
  9. 3.02 ’26 +3
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 748 1,070 1,639 1,740
Receivables 2,481 2,751 2,822 —
Inventory 2,932 2,981 2,937 3,050
Other 3,865 3,598 3,192 —
10,432 10,694 10,917 11,852
2023 2024 2025 Q'26
Payables 2,898 3,701 3,710 3,435
ST’ Debt 2,476 4,718 6,220 3,613
Other 2,925 3,039 2,810 —
13,467 15,993 16,888 14,134

Compound Annual Growth %

10y 5y 3y
Sales 5.39% 7.72% 0.31%
Cash Flow 4.56% 7.92% 15.86%
Earnings 6.25% 6.84% 7.20%
Book Value 5.81% 3.63% 4.02%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.01 Actual 1.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.50 1.60 Beat by 0.10
Q4 FY25 0.56 0.55 Miss by 0.01
Q1 FY26 1.21 1.32 Beat by 0.11
Q2 FY26 1.01 1.13 Beat by 0.12
Q3 FY26 1.71 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.21 1.03 1.77 — —
’25 1.21 0.79 1.55 0.38 3.94
’24 1.03 1.09 1.40 0.49 4.02
’23 0.79 0.76 1.30 0.78 3.64
’22 0.97 1.03 1.36 (0.08) 3.28
’21 1.07 0.35 1.04 (0.20) 2.26
’20 0.82 0.58 1.18 0.37 2.95
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 8,397 6,977 8,843 — —
’25 7,775 6,973 7,823 6,982 29,553
’24 6,646 6,463 7,274 6,341 26,724
’23 6,480 5,748 6,980 6,045 25,253
’22 6,648 7,206 8,378 7,047 29,279
’21 5,910 5,198 6,238 5,767 23,113
’20 5,018 4,620 5,620 5,117 20,375
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,226 3,054 3,600 — —
’25 1,250 2,181 3,774 2,597 9,802
’24 1,311 2,688 3,616 2,173 9,788
’23 844 2,056 2,840 1,813 7,553
’22 1,592 1,987 1,438 1,285 6,302
’21 1,242 1,662 2,177 1,088 6,169
’20 894 1,953 2,373 1,476 6,696
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,718) (641) 3,600 — —
’25 (1,187) (838) 779 (1,688) (2,934)
’24 (459) 908 1,330 (577) 1,202
’23 (903) 31 216 (722) (1,378)
’22 264 221 (850) (981) (1,346)
’21 (436) (19) 474 (519) (500)
’20 316 312 214 (619) 223
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 3.6% a year for ten years.

Implied
3.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 19,896 23,031 23,495 21,419 20,375 23,113 29,279 25,253 26,724 29,553 31,199 +4.5% 30,880 32,657 34,699 +5.5%
Gross margin, % 69.92 67.97 66.15 71.09 75.14 69.87 59.60 70.49 74.39 72.38 0.00 +2.5 pt
EBT 3,480 1,068 2,749 6,542 3,496 2,576 4,223 4,345 5,229 4,999 5,683 +4.1%
EBT margin, % 17.49 4.64 11.70 30.54 17.16 11.15 14.42 17.21 19.57 16.92 18.22 (0.6) pt
Net income 2,529 926 2,300 4,744 3,103 2,309 3,428 3,849 4,260 4,171 4,575 +5.7%
Per share, $
Per share, $ Revenue 20.92 23.03 23.03 20.48 19.26 21.78 27.24 23.13 24.38 26.79 26.97 +2.8%
Earnings 2.57 0.84 2.18 4.53 2.95 2.26 3.28 3.64 4.02 3.94 4.39 +4.9%
Cash flow 5.15 6.39 6.81 5.53 6.33 5.81 5.86 6.92 8.93 8.89 9.06 +6.3%
Capex (7.67) (7.33) (4.95) (2.33) (6.12) (6.29) (7.11) (8.18) (7.83) (11.55) 0.00 +4.6%
Free cash flow (2.52) (0.93) 1.86 3.20 0.21 (0.47) (1.25) (1.26) 1.10 (2.66) 9.06 +0.6%
Book value 28.11 25.85 28.75 30.64 30.74 30.69 32.12 32.26 33.46 35.24 38.73 +2.5%
Shares, m 951 1,000 1,020 1,046 1,058 1,061 1,075 1,092 1,096 1,103 1,130 +1.7%
Valuation, ×
Valuation, × P/E 18.93 56.15 20.05 14.00 20.82 30.35 21.85 19.46 20.48 22.13 21.25 24.4
P/S 2.34 2.05 1.91 3.11 3.19 3.15 2.64 3.06 3.38 3.25 3.46 2.8
P/B 1.88 1.85 1.54 2.10 2.02 2.25 2.24 2.20 2.46 2.47 2.41 2.1
EV/Sales 4.52 4.06 3.72 5.11 5.52 5.33 4.45 5.40 5.71 5.63 5.75 4.9
EV/FCF (37.43) (100.21) 45.97 32.69 504.52 (246.48) (96.82) (98.92) 126.99 (56.72) (52.09) 7.4
Cash, $m
Cash, $m Operating cash flow 4,894 6,394 6,945 5,781 6,696 6,169 6,302 7,553 9,788 9,802 10,477 +8.0%
Capex (7,295) (7,326) (5,045) (2,433) (6,473) (6,669) (7,648) (8,931) (8,586) (12,736) (13,919) +6.4%
Free cash flow (2,401) (932) 1,900 3,348 223 (500) (1,346) (1,378) 1,202 (2,934) 10,477 +2.3%
Balance, $m
Balance, $m Working capital (3,195) (3,522) (4,703) (2,729) (3,462) (1,956) (5,308) (3,035) (5,299) (5,971) (2,282) +7.2%
Net debt 43,241 46,224 42,538 42,812 47,515 50,479 53,024 58,938 62,416 70,230 71,371 +5.5%
Shareholders’ equity 26,730 25,852 29,330 32,050 32,525 32,567 34,532 35,225 36,674 38,867 44,806 +4.2%
Returns, %
Returns, % ROA 2.60 0.76 1.95 4.02 2.58 1.91 2.69 2.90 3.09 2.89 3.15 +0.3 pt
ROIC 4.01 2.02 3.64 6.46 3.81 2.78 3.83 3.87 4.46 4.17 4.15 +0.2 pt
ROE 10.80 3.35 8.16 15.59 9.75 7.42 10.55 11.40 12.24 11.49 12.02 +0.7 pt
People
People Employees 32,020 31,344 29,192 27,943 27,700 27,300 27,700 28,100 28,600 29,800 — (0.8%)
Revenue/emp, $m 0.62 0.73 0.80 0.77 0.74 0.85 1.06 0.90 0.93 0.99 — +5.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Southern Company is a holding company whose subsidiaries generate and deliver electricity, distribute natural gas and provide related energy services. Its electric utilities serve households and businesses in the Southeast, while its gas utilities distribute natural gas in four states. The company was founded in 1945 and is headquartered in Atlanta. Chris Womack is chairman, president and chief executive officer.

Alabama Power, Georgia Power and Mississippi Power own power plants, transmission lines and local distribution networks. They sell electricity to retail customers and also supply wholesale customers, including other utilities and electricity distributors. Southern Power is a separate wholesale business that develops and operates generating assets and battery storage, selling electricity under contracts rather than through the traditional electric utilities’ retail rate structure.

Where the money comes from and where it goes Fiscal 2019

Fiscal 2019: revenue by segment, and margins
Electric Utilities 17,095 79.81%
SOUTHERN Co GAS 3,792 17.70%
All Other 690 3.22%
Gross margin 71.09%
Operating margin 36.12%
Pre-tax margin 30.54%

Revenue by segment since 2008

Southern Company (The) vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NEE NextEra Energy, Inc. $185.1B 15.9× 20.5× +1.56% (above 0%: growing) +93.22% (above 0%: growing) −86.32% (below 0%: shrinking) 79.00% 32.44% Compare
SO Southern Company (The) $107.4B 21.2× 21.3× +13.04% (above 0%: growing) +14.19% (above 0%: growing) +362.13% (above 0%: growing) 0.00% 33.93%
DUK Duke Energy Corporation $101.4B 19.1× 18.9× +6.58% (above 0%: growing) +9.94% (above 0%: growing) −496.09% (below 0%: shrinking) 0.00% 30.17% Compare
NGG National Grid Transco, PLC $86.4B 23.5× 13.9× +10.37% (above 0%: growing) +115.14% (above 0%: growing) −2,663.95% (below 0%: shrinking) 23.34% 0.00% Compare
AEP American Electric Power Company, Inc. $69.0B 20.3× 20.1× +13.66% (above 0%: growing) +22.92% (above 0%: growing) −376.09% (below 0%: shrinking) 69.45% 26.52% Compare
D Dominion Energy Inc. $61.3B 23.2× 22.5× +24.08% (above 0%: growing) +12.07% (above 0%: growing) +50.09% (above 0%: growing) 68.86% 32.79% Compare
ETR Entergy Corporation $52.7B 25.0× 25.0× +14.51% (above 0%: growing) +29.75% (above 0%: growing) −295.69% (below 0%: shrinking) 72.75% 33.93% Compare
XEL Xcel Energy Inc. $51.6B 18.6× 19.5× +6.56% (above 0%: growing) +71.48% (above 0%: growing) +5.89% (above 0%: growing) 72.99% 28.55% Compare
EXC Exelon Corporation $48.2B 18.1× 16.2× +9.16% (above 0%: growing) −18.60% (below 0%: shrinking) −410.43% (below 0%: shrinking) 60.14% 18.84% Compare
Median of peers $65.1B 19.7× 19.8× +9.77% +26.34% −335.89% 69.16% 29.36%

All 39 Utilities Regulated Electric stocks →

From the latest earnings call

Updated

  • On the Q2 call, CEO Chris Womack said Southern’s electric subsidiaries had contracted over 17 gigawatts of large-customer load by the mid 2030s.
  • CFO David Poroch said potential company-owned generation selected through current procurement processes would require investment beyond Southern’s existing capital plan, subject to regulatory approval.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 73.73%
Held by the ten largest 44.11%
Holder Shares Stake Change
Vanguard 113.13m 10.04% +3.55m
BlackRock 92.99m 8.25% +2.62m
State Street 64.81m 5.75% +1.83m
Capital Group 64.01m 5.68% +3.34m
T. Rowe Price 46.44m 4.12% +9.99m
JPMorgan Chase 32.78m 2.91% −10.56m
Geode Capital Management 29.32m 2.60% +960.24k
Fidelity (FMR) 22.54m 2.00% −350.69k
Franklin Templeton 16.62m 1.47% −248.35k
Goldman Sachs 14.58m 1.29% +8.74m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 28.22m 26.12m 171.34
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Southern Company (The) (SO) Latest News

5 Nov

Impact 4 · · GuruFocus.com
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · PR Newswire

30 Oct

Impact 4 · · Simply Wall St.

29 Oct

Impact 4 · · Insider Monkey
Impact 4 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · Zacks

28 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks
Impact 3 · · Trefis
Impact 3 · · 24/7 Wall St.
Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks

24 Oct

Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · PR Newswire

21 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · 24/7 Wall St.

19 Oct

Impact 3 · · Zacks

16 Oct

Impact 3 · · Zacks

15 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Simply Wall St.
Impact 4 · · ACCESS Newswire
Impact 3 · · PR Newswire
Impact 3 · · PR Newswire
Impact 3 · · Simply Wall St.
Impact 3 · · ACCESS Newswire

14 Oct

Impact 3 · · Zacks

SO metrics, ten years each

stockrow.com/SO · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com